Ralph Lauren quietly shuttered its two-year-old 20,000-square-foot store last week. Other brands are expected to close boutiques in a city that has lost its luster for cash-rich mainland Chinese tourists.

The online fashion marketplace, which launched in 2010, said the new investment would enable the company to "build on its exponential growth."

MORE MONEY: Lyst, the online fashion marketplace, has raised $14 million in a round of Series B funding led by the venture capital firm Balderton Capital. The firms DFJ Esprit, Accel Partners and Alex Zubillaga also contributed to the financing. Two additional angel investors have joined the funding: Carmen Busquets, one of the founding investors in Net-a-porter, and John Lindfors, a managing partner at Digital Sky Technologies.

Lyst, which launched in 2010, said the new investment would enable the company to “build on its exponential growth,” with the focus on growing its customer base internationally, as currently 70 percent of Lyst’s customers are based in the U.S., a spokeswoman for Lyst said. The firm said it would also hire staffers for its London and New York offices.

The site, which allows customers to create an online shopping experience with their own customized list of brands, said it receives visits from 2 million shoppers a month and generates $60 million annually for the fashion brands and retailers it partners with, who number Saks Fifth Avenue, Burberry, Net-a-porter, J. Crew, Lane Crawford and Balenciaga.

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@rebeccaminkoff is bringing self-checkout to high fashion: The brand has partnered with @queuehop to bring its customers self-checkout options, beginning this holiday season at its SoHo store. (📷: @aurorarosephoto)

It was a big night for Demna Gvasalia at the Fashion Awards 2016 in London: The designer took home the award for international ready-to-wear designer for his work at @balenciaga, while his brand @vetements_official scooped international urban luxury brand. (📷: @giovanni_giannoni_photo)